Monday, December 30, 2024

Brighouse tech company tackling disinformation completes $24m funding round

Logically, a Brighouse-headquartered technology company using advanced AI to tackle harmful mis- and disinformation, has completed a $24 million funding round led by growth investor Vitruvian Partners.

The round also included investment from the Amazon Alexa Fund, and existing seed investors XTX Ventures and the Northern Powerhouse Investment Fund (NPIF), managed by Mercia Asset Management Plc.

Logically will use the funds to scale its capabilities and drive growth across its three core markets in the US, UK and India. The investment enables Logically to accelerate its technologies across AI, machine learning and OSINT, and stay at the forefront of the fight against harmful and misleading online information and conspiracy-driven threats in critical areas such as election integrity, public health and national security.

Online mis- and disinformation continues to cause significant real-world harm. In the past year we have seen the results of democratic elections questioned, COVID-19 vaccine take-up stall, and the rise of violent extremism fuelled by conspiracy ideology. It has been estimated that fake news is costing the global economy around $78 billion every year. Increasingly governments, organizations and platforms are recognizing an urgent need to tackle harmful and misleading online content, a need further compelled by the growing disinformation-for-hire industry intent on spreading false information for financial or ideological gain.

Lyric Jain, founder and CEO of Logically, said: “I am delighted to announce our latest fundraising round led by Vitruvian Partners. Vitruvian’s experience supporting high-growth and innovative technology companies globally will be invaluable as we continue to scale up our capabilities and operations.

“Given the evolving threat landscape and the increasingly sophisticated technology being used by adversarial actors, this investment will help us continue to stay at the forefront of the fight against misinformation, funding further research and development of end-to-end technology solutions that really break down and combat information threats.”

Peter Read, Cortex Partner at Vitruvian, said: “We are pleased to partner with Logically, who have a clear and compelling mission to reduce the harm caused by mis- and disinformation, and to enhance civic discourse.

“We’ve been impressed by Logically’s development over recent years, in the public and private sector as well as with the social media platforms themselves. We look forward to supporting Logically’s expansion into new geographies and sectors in order to increase the impact they can have on this global problem.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.








Latest news

Related news